Bank of New York Mellon Corp boosted its stake in shares of MasTec, Inc. (NYSE:MTZ) by 12.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 364,094 shares of the construction company’s stock after buying an additional 40,854 shares during the period. Bank of New York Mellon Corp owned about 0.44% of MasTec worth $16,893,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Prudential Financial Inc. grew its stake in MasTec by 126.7% during the 2nd quarter. Prudential Financial Inc. now owns 1,484,687 shares of the construction company’s stock valued at $67,033,000 after acquiring an additional 829,650 shares in the last quarter. Gotham Asset Management LLC purchased a new position in MasTec during the 2nd quarter valued at about $19,803,000. Koch Industries Inc. purchased a new position in MasTec during the 2nd quarter valued at about $429,000. Vanguard Group Inc. grew its stake in MasTec by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 7,219,537 shares of the construction company’s stock valued at $325,963,000 after acquiring an additional 335,076 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in MasTec during the 2nd quarter valued at about $12,074,000. Hedge funds and other institutional investors own 73.23% of the company’s stock.
Several research firms have weighed in on MTZ. Barclays began coverage on MasTec in a research note on Tuesday, December 12th. They set an “overweight” rating and a $54.00 target price on the stock. Robert W. Baird raised MasTec from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $51.00 to $53.00 in a research note on Monday, November 6th. KeyCorp reaffirmed a “buy” rating and set a $51.00 target price on shares of MasTec in a research note on Tuesday, September 19th. ValuEngine cut MasTec from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Finally, B. Riley reaffirmed a “buy” rating and set a $67.00 target price (up previously from $66.00) on shares of MasTec in a research note on Tuesday, November 7th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $55.05.
MasTec (NYSE:MTZ) last announced its quarterly earnings results on Thursday, November 2nd. The construction company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.09. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.66 billion. MasTec had a return on equity of 20.67% and a net margin of 3.78%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 EPS. research analysts expect that MasTec, Inc. will post 2.65 earnings per share for the current year.
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MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.
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